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Apple Wearables on Par with Fortune 500

May 3, 2017 10:22 AM   By Rapaport News
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RAPAPORT... Apple Watch sales almost doubled in the last fiscal quarter, the technology company said this week, dropping its biggest hint yet about the size of its wearables business.

The smartphone maker has so far been guarded about its wearable products, refusing to disclose sales figures and bundling them with other products such as Apple TV and the iPod when reporting its earnings. Combined sales for these products grew 31% to $2.87 billion during the quarter that ended April 1.

But in an earnings call on Tuesday, Apple CEO Tim Cook was particularly upbeat about wearables.

Revenue from that division — comprising watches and the company’s two headphone lines, AirPods and Beats — was equivalent to that of a Fortune 500 company in the past fiscal year, Cook revealed. The lowest-ranked company on that list, off-price retailer Burlington Stores, reported sales of $5.57 billion in the fiscal year that ended January 28.

“We have seen the watch as a really key product category for us since before we launched it,” Cook said during the call. “We took our time to get it right, and we’ve made it even better with the Series 2 offering.”

The watch, he said, “is already a big business, and I believe over time it will be even larger.”

Apple shares fell 0.9% in early trading Wednesday following the call, after the company reported selling fewer iPhones than a year ago — 50.8 million units versus 51.2 million in 2016.
Tags: apple, Apple Watch, Rapaport News, smartphone, smartwatches, technology, Tim Cook, watches, wearables
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